Uganda’s economy has thrived in recent years with trade performances exceeding projection.
Lately, – a data ‘released’ by Trade, Industry and Cooperatives Minister, Amelia Kyambadde, export has increased from US$ 2.68 billion in fiscal year 2016/2017 to US$3.53 billion in 2017/2018, representing 31% increase.
As of 2017 report, Uganda’s GDP stands at 25.89 billion.
Now, with introduction of “Buy Uganda Build Uganda (BUBU)”, government is putting emphasis on locally manufactured goods, to boost manufacturers (local investors) and the economy, and reducing on imports.
Coupled with reviving Cooperatives Unions across the country, trade minister, Kyambadde who was presenting her ministry’s achievements, and hurdles at the ongoing NRM Manifesto Week, an event taking place in Kampala, reveals that next fiscal year, 2019/2020, government has allocated Uganda shillings 35 billion as Crop Finance to boost Soroti Fruit Factory in Soroti district.
“We have started producing orange concentrates at Soroti Fruit Factory and a number of companies have started making orders,” she said.
She adds that there has been increase in the number of registered Cooperatives, with addition of new 3342, bringing to date, a total of 19,504 countrywide.
On the local contents (products), the minister reported that government, through her ministry has directed all supermarkets to sell 40% of locally produced goods.
“There is also a directive to them to pay local suppliers within 30 days after supply. When UCHUMI supermarket closed shop, many suppliers suffered,” she added.
On fighting fake products being traded, she added that in the coming fiscal year, 2019/2020, government has put more Uganda shillings 10 billion to increase the presence of Uganda National Bureau of Standards (UNBS) to other regions.
She also reported that since 2016 to date, 2257 products have been certified, 815 standards developed and 5354 market outlets inspected.
Whereas trade between Uganda and Kenya is promising, Minister Kyambadde reveals that doing business between Uganda and Rwanda has “declined so much” besides both political and diplomatic leadership “doing a lot”.